India has made significant strides over the past 12 years, evolving from a vulnerable economy to a strong, self-reliant global growth engine driven by data. The nation’s shift towards a substantial Rs 12.22 lakh crore public Capital Expenditure plan, equivalent to 4.4% of GDP, has empowered it to shape its own destiny. This transition marks a move from being a mere technology consumer to becoming a master of its future.
In 2014, India’s public sector banks faced a crisis due to high levels of stressed debt, reaching an alarming Gross Non-Performing Asset (NPA) ratio of 11.18%. To address this, the government infused a historic Rs 3.10 lakh crore into these banks and introduced the Insolvency and Bankruptcy Code (IBC). Consequently, NPAs plummeted to a record low of 2.5%, with banks now generating substantial profits and driving economic growth.
The IT sector also witnessed a significant change as India, traditionally a software developer, transitioned to becoming the world’s second-largest mobile manufacturer. Through a Rs 1.97 lakh crore Production Linked Incentive (PLI) Scheme, the country now exports over $28 billion worth of mobiles annually. Additionally, efforts are underway to establish semiconductor manufacturing capabilities to reduce import dependency.
India’s telecom sector is advancing with the rollout of a 5G network by state-run BSNL, powered by indigenous technology. The country is strategically aiming for self-reliance in semiconductor production, targeting a local ecosystem worth $120 billion to $150 billion by 2035. Initiatives like the Vande Bharat express trains and the emergence of private space-tech startups further underscore India’s technological progress.
The nation’s data center capacity has surged to 1.6 GW, supported by the implementation of Green Energy Open Access Rules to promote sustainable energy practices. India’s non-fossil fuel capacity has expanded significantly to 283.46 GW, including a substantial increase in solar capacity to 150.26 GW, reflecting a commitment to green energy solutions.
